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AI-powered savings platform ABAKA gets £520,000 in Seed funding

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ABAKA, an AI-powered savings platform, has received £520,000 in Seed funding in a round led by Anthemis Exponential Ventures.

The London-based company seeks to offer employees an easy and mobile-first way to manage their pensions.

According to a statement, the money will be used to expand ABAKA’s team and to support its launch in the UK.

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Fahd Rachidy, founder and CEO of ABAKA, spoke about the ‘radical change’ taking place in the way in which people interact with their finances.

“Individuals are being given increased freedom, which brings with it the increased responsibility of managing their own pensions and savings. ABAKA helps with these decisions, deepens our understanding of complicated processes and allows us to gain better control of our money, all within our day-to-day lives,” said Rachidy.

ABAKA’s AI advisor is powered by deep learning neural networks and uses tailored experience to group all sorts of financial accounts in the same place. It then analyses the users’ finances and seeks to provide customised guidance based on its findings.

Tom Ryan, partner at Anthemis Group, added: “A financially secure employee makes for a contented employer and ultimately a successful work environment. The team at ABAKA has found an innovative way to take the pain out of a massive responsibility for those in today’s workforce. We are excited to support ABAKA as they develop their solution.”

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